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Investors will make 'irrecoverable' mistakes during the coronavirus outbreak. Here's how to protect yourself

Here's what the average investor should be doing during the coronavirus economic crisis
Here's what the average investor should be doing during the coronavirus economic crisis

Everybody loves a good sale. 

And according to Peter Mallouk, president and chief investment officer of wealth management firm Creative Planning, the coronavirus downturn is the perfect time to buy all of your favorite stocks at a steep discount. 

"Stocks are the only thing people don't want to buy when they are half-price," Mallouk said. He said that people get excited when items go on sale at the store but tend to pull back when the stock market takes a hit. Mallouk feels that mindset is shortsighted.  

"Are you really worried Disney World is not going to be here in five or 10 years? Are you really worried that McDonald's isn't going to be here in five or 10 years?" he said. 

Mallouk said you need to determine the amount of time you have until you will need to cash out your investments and make decisions based on that. Your age will be a big factor in where you put your money. 

"This is a behavior economics nightmare. This is a place where all sorts of investors are going to make all sorts of irrecoverable mistakes. Don't be one of those investors," Mallouk said. 

Check out this video to see what he recommends for investors, young and old, and for tips on what everyone should be doing with their portfolios during the coronavirus pandemic.  

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